Canopy Growth And Other Top Cannabis Companies To Report Earnings: Will Results Get Pot Stocks On Track Following Post-Election Dip?
U.S.-focused cannabis stocks and ETFs may have taken a dip in pre-market trading on Wednesday in response to 2024 U.S. election outcomes. However, with earnings season gearing up it remains to be seen whether the latest earnings reports would get stocks back on track.
Canopy Growth
Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) will report the second quarter of fiscal year 2025 ended Sept. 30, before financial markets open on Friday, Nov. 8, 2024.
The Canadian cannabis giant will host an audio webcast with CEO David Klein, who recently announced his plan to retire at the end of the company’s fiscal year on March 31, 2025, and CFO Judy Hong the same at 10 am Eastern Time.
Canopy’s first quarter earnings report made public in August showed Canadian medical marijuana revenue surged 20% year-over-year. Over the same period, the company has been amping up its efforts to expand in the U.S. market via the Canopy USA business unit.
Canopy USA, LLC has completed its acquisition of Wana last month. The deal included Wana Wellness, LLC, The CIMA Group, LLC, and Mountain High Products, LLC. The top edibles brand, Wana, generated roughly $150 million in retail sales across 19 states in 2023.
Combined with the wrapped-up acquisition of roughly 75% of the shares of cannabis edibles producer, Lemurian, Inc. (Jetty) as announced this past June, Canopy USA has fulfilled its plan to set up a …